Question 1

What’s the first step in buying a home?

Accepted Answer

The first step is getting pre-approved for a mortgage, so you know how much you can afford.

Question 2

How do I find a good real estate agent?

Accepted Answer

Look for an agent with experience in your local area and a good track record in negotiations.

Question 3

What is a mortgage pre-approval?

Accepted Answer

A mortgage pre-approval is when a lender evaluates your finances to tell you how much you can borrow.

Question 4

How much should I put down as a down payment?

Accepted Answer

A down payment typically ranges from 3% to 20%, but a larger down payment can help secure a better rate.

Question 5

What are closing costs?

Accepted Answer

Closing costs are fees associated with the finalization of your mortgage, typically ranging from 2% to 5% of the purchase price.

Question 6

What is PMI (Private Mortgage Insurance)?

Accepted Answer

PMI is required if you make a down payment of less than 20% to protect the lender in case of default.

Question 7

How do I know if I'm ready to buy a house?

Accepted Answer

You’re ready when you have stable income, a healthy credit score, and enough savings for a down payment and closing costs.

Question 8

What’s the difference between a buyer’s agent and a seller’s agent?

Accepted Answer

A buyer's agent helps you find and purchase a home, while a seller's agent represents the home seller.

Question 9

How long does the home buying process take?

Accepted Answer

It typically takes 30 to 60 days to complete the purchase of a home.

Question 10

What’s a good credit score to buy a house?

Accepted Answer

A score of 620 or higher is generally required for a conventional loan, but higher scores may qualify for better rates.

Question 11

What is a home inspection?

Accepted Answer

A home inspection ensures the property is in good condition and helps identify any potential problems before you buy.

Question 12

How much do I need for a down payment on a home?

Accepted Answer

The down payment can vary, but typically it’s 3% to 20% of the home’s purchase price.

Sherman Oaks Home Buyer Workshop

Overview